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William Blair 45th Annual Growth Stock Conference June 2025 NASDAQ: CVRX
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2 Cautionary Note Regarding Forward-Looking Statements This presentation by CVRx, Inc. (the “Company”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward-looking statements, including statements regarding our future financial performance (including, specifically, our 2025 expected operating and financial results), our anticipated growth strategies, anticipated trends in our industry, our business prospects and our opportunities . In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “outlook,” “guidance,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. The forward-looking statements in this presentation are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this presentation and are subject to a number of known and unknown risks, uncertainties and assumptions, including, but not limited to, our history of significant losses, which we expect to continue; our limited history operating as a commercial company and our dependence on a single product, Barostim; our limited commercial sales experience marketing and selling Barostim; our ability to continue demonstrating to physicians and patients the merits of our Barostim; any failure by third-party payors to provide adequate coverage and reimbursement for the use of Barostim; our competitors’ success in developing and marketing products that are safer, more effective, less costly, easier to use or otherwise more attractive than Barostim; any failure to receive access to hospitals; our dependence upon third-party manufacturers and suppliers, and in some cases a limited number of suppliers; a pandemic, epidemic or outbreak of an infectious disease in the U.S. or worldwide; product liability claims; future lawsuits to protect or enforce our intellectual property, which could be expensive, time consuming and ultimately unsuccessful; any failure to retain our key executives or recruit and hire new employees; impacts on adoption and regulatory approvals resulting from additional long-term clinical data about our product; and other important factors that could cause actual results, performance or achievements to differ materially from those that are found in “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 and in “Part 2, Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. Market & Industry Data This presentation includes market and industry data and forecasts that the Company has developed from independent research reports, publicly available information, various industry publications, other published industry sources or the Company’s internal data and estimates. Independent research reports, industry publications and other published industry sources generally indicate that the information contained therein was obtained from sources believed to be reliable, but do not guarantee the accuracy and completeness of such information. Although the Company believes that the publications and reports are reliable, the Company has not independently verified the data and makes no representation or warranty with respect to the accuracy of such information. 2 Disclaimer
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33 Company overview $2.2B annual market opportunity with significant adjacent markets Well-defined patient population with limited treatment options Highly differentiated therapy with a compelling safety profile and high response rate Focused plan to drive Barostim therapy to standard of care World’s first neuromodulation therapy to improve heart failure symptoms
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44 1. Martin et al. 2024 Heart Disease and Stroke Statistics. Circulation. 2024. Heart failure (HF) is a burdensome, life-limiting disease affecting over 6M people living in the U.S.1 >8M physician office visits1 >1.1M hospital discharges1 >1.3M emergency room visits1 Annual costs expected to reach $70B by 20301 All figures are annual estimates for the U.S.
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5 1. Adapted from Greenhalgh et al. BMC Cardiovascular Disorders (2017) 17:156. 2. Heidenreich PA, et al. 2022 AHA/ACC/HFSA Guideline for the Management of Heart Failure. Circulation. 2022;145:e895–e1032; Class I and Class IIa recommendations. Heart failure is a progressive disease characterized by a steady decline in quality of life (QoL) and increasingly frequent hospitalizations Early-Stage Disease Progression End-Stage Drugs CRT TransplantLVAD Hospitalizations Quality of Life1 Guideline Therapies2 Mid-Stage Unmet Need
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6 1. Heidenreich PA, et al. 2022 AHA/ACC/HFSA Guideline for the Management of Heart Failure. Circulation 2022. 2. Vaduganathan M, et al. Estimating lifetime benefits of comprehensive disease-modifying pharmacological therapies in patients with heart failure with reduced ejection fraction: a comparative analysis of three randomised controlled trials. Lancet Vol 396, Issue 10244, P121-128, July 11, 2020. 3. Rahamim E, et al. Contemporary Pillars of Heart Failure with Reduced Ejection Fraction Medical Therapy. J. Clin. Med. 2021, 10, 4409. 4. Greene S et al, Medical Therapy for Heart Failure With Reduced Ejection Fraction: The CHAMP-HF Registry, J Am Coll Cardiol. 2018; 72:351-366. 5. Savarese G et al, Heart Failure Drug Treatment— Inertia, Titration, and Discontinuation: A Multinational Observational Study (EVOLUTION HF), J Am Coll Cardiol HF. 2023; 11:1–14. Heart failure drug “quad therapy” has been shown to improve survival when taken compliantly and at optimal doses… 1.4-6.3years ARNI Β-Blockers MRA SGLT2i Estimated aggregate mortality benefit of comprehensive quadruple therapy in HFrEF1 2022 AHA/ACC/HFSA HF Guidelines1-3 Only 1% reach optimal dose for quad therapy4 >40% discontinue quad therapy within the first year5
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0% 3% 2% 7% -5% 0% 5% 10% 15% 20% B-Blockers SGLT2i ARNI MRA Sample Size Weighted Average % Change in Exercise Capacity 7 1. Adapted from Lewis G et al, Developments in Exercise Capacity Assessment in Heart Failure Clinical Trials and the Rationale for the Design of METEORIC-HF. Circ Heart Fail. 2022 May. 15(5):510-524. …but has been shown to have minimal impact on quality of life as measured by exercise capacity* *Note: Exercise capacity is a commonly used surrogate for quality of life in HF patients n = 18 (# of studies)
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8 1. Cleland J et al, The Effect of Cardiac Resynchronization on Morbidity and Mortality in Heart Failure, New England Journal of Medicine. 2005; 352;15. 2. Lewis G et al, Developments in Exercise Capacity Assessment in Heart Failure Clinical Trials and the Rationale for the Design of METEORIC-HF. Circ Heart Fail. 2022 May. 15(5):510-524. 3. Heidenreich PA, et al. 2022 AHA/ACC/HFSA Guideline for the Management of Heart Failure. Circulation. 2022;145:e895–e1032; Class I and Class IIa recommendations. 4. CVRx data on file. CRT has shown significant benefits in both survival and quality of life in a subset of Heart Failure patients, but most are not eligible Survival1 36% Improvement Quality of Life2 19% Improvement NYHA II & III EF ≤ 35% 30% 70% Not indicated for CRT3,4 Class I or IIa CRT indication3,4
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9 1. Calvert MJ, et al. Eur J Heart Fail 2005; 7:243-251. 2. E. Stanek, et al. Preferences for treatment outcomes in patients with heart failure: symptoms versus survival J Card Fail 2000; 6:225-232. 65% would even accept shorter life with fewer symptoms2 66% 68% 76% 50% Heart failure significantly decreases quality of life Majority of patients value symptom improvement over longevity have mobility problems1 report pain or discomfort1 have anxiety or depression1 These limited treatment options leave the majority of heart failure patients suffering from significantly diminished QoL find activities of daily living to be difficult1
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Early-Stage End-Stage TransplantLVAD Therapies2 10 1. Adapted from Greenhalgh et al. BMC Cardiovascular Disorders (2017) 17:156. 2. Heidenreich PA, et al. 2022 AHA/ACC/HFSA Guideline for the Management of Heart Failure. Circulation. 3. Estep et al. Journal of Cardiac Failure (2024) 30:11. 1472-1488. Barostim addresses this significant unmet need in the heart failure treatment continuum Disease Progression Quality of Life1 Barostim Window of Opportunity (If still symptomatic 3-6 months after initiating GDMT3) Barostim Heart failure “Forgotten Middle” Drugs CRT
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11 $2.2B U.S. annual net addressable market for Barostim 6.2M HF Prevalence 1.3M HF Incidence 290K NYHA II/III with EF ≤ 35% 76K Not indicated for CRT and suitable for surgery $2.2B Barostim U.S. Market (Assumes $29K ASP) 156K NT-proBNP <1600pg/ml
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Barostim Therapy 12
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13 Barostim system components Barostim Generator Carotid Sinus Lead Barostim Programmer (Average battery life of 6 years)
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14 1. Instructions for Use 900133-001 Rev. D available at www.cvrx.com/ifu. 2. Zile M, Presented at THT 2023, March 21, 2023. Barostim is implanted in a 60-min procedure1, with 97% freedom from major complications2 Stimulation Electrode Tunneled Lead Generator 1 2 3 • Implanted on either an inpatient or outpatient basis • Requires a small incision in both the neck and chest • Entirely extravascular, with no leads in the heart or vasculature • Procedure is proven safe; achieved a 97% MANCE-free rate 2 MANCE - Major Adverse Neurological and Cardiovascular Events includes all events that occur within 6 months of implant
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Adapted from Packer M, The neurohormonal hypothesis: A theory to explain the mechanism of disease progression in heart failure. JACC 1992; Hartupee and Mann, Neurohormonal activation in heart failure with reduced ejection fraction, Nature Reviews in Cardiology 2017; Mann and Felker, Mechanisms and Models in Heart Failure, Circulation 2021 Heart failure symptoms and disease progression are driven by the body’s “fight or flight” response Pumping FunctionWeakened heart 1 Baroreceptor Signaling Reduced stretch sensed by baroreceptors 2 Brain interprets as CV crisis, activates fight or flight response 3 Sympathetic Activity Neurohormone* Release Chronic exposure to excess neurohormones damages organs Heart Failure Symptoms 4 Disease Progression * Norepinephrine, Angiotensin II, Aldosterone, etc. Disease Progression 15
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Adapted from Packer M, The neurohormonal hypothesis: A theory to explain the mechanism of disease progression in heart failure. JACC 1992; Hartupee and Mann, Neurohormonal activation in heart failure with reduced ejection fraction, Nature Reviews in Cardiology 2017; Mann and Felker, Mechanisms and Models in Heart Failure, Circulation 2021 Drug therapies work by blocking specific excess neurohormones Disease Progression Pumping FunctionWeakened heart 1 Baroreceptor Signaling Reduced stretch sensed by baroreceptors 2 Brain interprets as CV crisis, activates fight or flight response 3 Neurohormone* Release Neurohormonal blockade is the basis of drug therapy Chronic exposure to excess neurohormones damages organs Heart Failure Symptoms 4 Disease Progression Sympathetic Activity * Norepinephrine, Angiotensin II, Aldosterone, etc. 16
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Adapted from Packer M, The neurohormonal hypothesis: A theory to explain the mechanism of disease progression in heart failure. JACC 1992; Hartupee and Mann, Neurohormonal activation in heart failure with reduced ejection fraction, Nature Reviews in Cardiology 2017; Mann and Felker, Mechanisms and Models in Heart Failure, Circulation 2021 Barostim complements drug therapy by acting upstream to restore signaling and reduce neurohormonal activation Disease Progression Pumping FunctionWeakened heart 1 Baroreceptor Signaling Reduced stretch sensed by baroreceptors 2 Brain interprets as CV crisis, activates fight or flight response 3 Neurohormone* Release Barostim increases baroreceptor signaling Neurohormonal blockade is the basis of drug therapy Chronic exposure to excess neurohormones damages organs Heart Failure Symptoms 4 Disease Progression Sympathetic Activity * Norepinephrine, Angiotensin II, Aldosterone, etc. 17
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18 1. Zile MR, et al. European Journal of Heart Failure. 2024. 2. Gremeaux V, et al. Arch Phys Med Rehabil. 2011;92(4):611-619. 3. Rector TS, et al. J Card Fail. 1995;1(3):201-216. 4. Abraham WT, et al. Symptomatic endpoint responder rates to Barostim Therapy, ESC Abstract 2019. Barostim is an effective, predictable, and durable therapy to improve patient quality of life Exercise Capacity Quality of Life Functional Status ~2X Clinically Meaningful Improvement1,2 2X Clinically Meaningful Improvement1,3 68% Improved 1+ NYHA Class1 High Response Rate 94% Clinically relevant response rate4
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0% 3% 2% 7% 20% -5% 0% 5% 10% 15% 20% B-Blockers SGLT2i ARNI MRA Barostim Sample Size Weighted Average % Change in Exercise Capacity 19 Adapted from Lewis G et al, Developments in Exercise Capacity Assessment in Heart Failure Clinical Trials and the Rationale for the Design of METEORIC-HF. Circ Heart Fail. 2022 May. 15(5):510-524. Improvements in exercise tolerance shown in BeAT-HF significantly exceed that of quad-therapy *Note: Exercise capacity is a commonly used surrogate for quality of life in HF patients
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20 1. Instructions for Use 900133-001 Rev. D available at www.cvrx.com/ifu & Zile M, Presented at THT 2023, March 21, 2023. The BeAT-HF trial also showed a positive signal in all-cause death, LVAD and transplant despite confounding factors related to COVID-19 -34% Relative Reduction in All-cause death, LVAD or transplant out to >4 years1 p=0.054 Note: Not a powered endpoint
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21 1. Abraham J, et al. Real-world analysis of healthcare utilization with baroreflex activation therapy for heart failure, J Card Fail 2025 (online ahead of print). *Hospital visits include both hospitalizations and ED visits. **Premier Healthcare Database data are from 2016-2023, 90% of Barostim implants and subsequent follow-up occurred after the pandemic in the years 2021-2023. Recently published real-world-evidence demonstrates a significant reduction in hospitalization visits post- vs pre-implant 0.57 0.09 0 0.1 0.2 0.3 0.4 0.5 0.6Hospital visits per year* 78% (p = 0.01) n= 57 Premier Healthcare Database1 (Post-COVID-19**) N = 306 Pre-Barostim (12 months) Post-Barostim (avg. 1.92 years) 85% p<0.0001 Relative reduction
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2222 Our revised go-to-market strategy is focused on driving Barostim to become Standard of Care for HFrEF Three Key Strategies Build a world-class sales organization Focus on developing sustainable Barostim Programs Address the barriers to adoption 1 2 3
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23 Strengthening sales team by recruiting new sales reps with strong therapy development backgrounds Optimizing training & development programs to accelerate rep productivity Aligning incentives to a program-oriented sales process We are building a world-class sales organization focused on developing sustainable programs and driving deep therapy adoption 1 Sales Reps by Hire Date (as of May 31, 2025) 26% Hired in 2025 45% Hired before 2024 29% Hired in 2024 While necessary, these changes to the sales team had a more significant impact on first quarter results than was anticipated
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2424 Heart Failure Dx Volume Diagnostic Device Adoption in HFrEF New CV Technology Adoption All Potential Targets Highest Potential Targets HighLow High Low 2 We are focused on developing sustainable Barostim programs by targeting centers with the highest potential for success
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2525 …and are seeking to replicate the elements present in Barostim centers that have achieved the deepest adoption 2 Clinical Champion(s) Sustainable Barostim Program Administrative Champion(s) GC/ICEPAPPHFS Referrers (Identify potential patients) Implanters (Technicians) VS / CTS Prescribers (Prescribe the therapy and send for implant) HFS* *May also be an EP, GC, or IC depending on account
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26 We have implemented a market development strategy focused on addressing the key barriers to adoption 3 Barrier #1: Increase therapy awareness among referrers and patients Barrier #2: Develop more robust clinical evidence Barrier #3 : Improve patient access to Barostim
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27 Barrier #1: We are focusing therapy awareness efforts on the clinicians and patients that surround targeted centers Sustainable Barostim Program Referral Physician Outreach Significantly Increased Focus on APPs Direct to Consumer Marketing GC/ICEPHFS NP PA ACC Infographic (Distributed to 50K+ ACC members) Pre-Screening
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28 Barrier #2: We are developing a steady cadence of clinical evidence to support Barostim therapy in two key areas Evidence of Improved Outcomes • Improved QoL & exercise capacity • Reduced HF and all-cause hospitalizations • Reduced mortality • Reduced arrythmias • Improved ejection fraction • Decreased diuretic needs Evidence Supporting Mechanism of Action • Reduced sympathetic nerve activity • Restored cardiac parasympathetic control • Anti-inflammatory effect • Reversed remodeling • Favorable hemodynamic effect Areas of Interest: Evidence Generation Channels: Investigator Initiated Research Real-World Evidence Randomized Controlled Trial(s)
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29 Barrier #3: We have made significant progress in improving patient access to Barostim, with OPPS and Category I milestones on the horizon Milestones Permanent inpatient payment secured > $43K (vs. $17-$23K) January 2026: CMS Category I code effective July 2025: Preliminary OPPS Rule expected to include response on Level 6 Outpatient APC request Implications Brings inpatient payment in line with outpatient, enabling both sites of service dependent on the needs of the patient Eliminates automatic denials from Medicare Advantage and Commercial payers due to Category III code If approved, New Tech APC ($45K) would be replaced with permanent Level 6 APC ($45K)
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30 2024 financial summary $6.1 $13.0 $22.5 $39.3 $51.3 $- $10 $20 $30 $40 $50 $60 2020 2021 2022 2023 2024 Millions Worldwide Revenue Gross Margin: 76% 72% 78% 84% 84% 2024 Highlights • WW Revenue: $51.3M (31% growth) • US HF Revenue: $46.8M (35% growth) • Gross Margin: 84% • Cash Balance: $105.9M
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3131 2025 financial status and guidance Q1 2025 Results • WW Revenue: $12.3M • US HF Revenue: $11.1M • US Territories: 45 • Active Implanting Centers: 227 • Gross Margin: 84% • Cash Balance: $102.7M • Q2 2025 Revenue: $13.0 – $14.0M • Full Year 2025: • Revenue: $55.0 – $58.0M • Gross Margin: 83% – 84% • Operating Expense: $95.0 – $98.0M Guidance as of May 8, 2025
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3232 Barostim opportunity To address a significant unmet need in the heart failure treatment continuum To improve the quality of life of hundreds of thousands of heart failure patients To build a transformational company capable of sustaining long-term growth To positively impact the standard of care for a major global health condition